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Down Payment Assistance Program

by Don DeHanas, Associate Broker

Prince George’s County Maryland has always been a great place to realize your American Dream, and the Prince George’s County Commissions are doing their part to make that dream a reality for more and more Americans. In an effort to combat two issues that the current housing crisis has cause;  Homebuyers not having enough money to qualify for a home, and the abundance of homes that have been foreclosed on that seem to be littering communities all over the County, a down payment assistance program has been developed for the purchase of Bank-owned properties.

The program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.

There is an income requirement:

Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size.  An income chart is provided below.

Effective Date : 4/27/2009
Median Family Income : 103,100.00 USD

   

1-Person

 

2-Persons

3-Persons

4-Persons

5-Persons

6-Persons

7-Persons

8-Persons

   
   

0.07

0.8

0.9

1

1.08

1.16

1.24

1.32

   

Very Very Low Income

30%

$21,650

$24,650

$27,700

$30,800

$33,250

$35,750

$38,200

$40,650

   

Very Low Income

50%

$35,950

$41,100

$46,200

$51,350

$55,450

$59,550

$63,650

$67,800

   

60% Limits

60%

$43,140

$49,320

$55,440

$61,620

$66,450

$71,460

$76,380

$81,360

   

Low Income

62%

$44,800

$51,200

$57,600

$64,000

$69,100

$74,250

$79,350

$84,500

   

80% Limit

80%

$57,700

$66,000

$74,200

$82,500

$89,100

$95,700

$102,300

$108,900

   

120% Limit

120%

$86,250

$98,600

$110,900

$123,250

$133,100

$142,950

$152,800

$162,700

   

Required Cash
50% or Below : 1,000.00 USD
60% -80% : 1,500.00 USD
%80 - %120 : 2,000.00 USD

 

This loan is a deferred payment, 0% interest. It must be your primary residence for at least 10 years, and you do not have to repay the loan if you stay in the home for 10 years or longer.

 

This program will provide down payment and closing cost assistance loans for purchases of vacant foreclosed properties in eligible zip-codes in Prince George’s County. The down payment and closing costs assistance will be higher for purchases in Target Areas or for Workforce Housing.

20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.

Of the 33 zip codes above the following are considered Target Zip Codes:

20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774

 

For more information on qualifying for this program, call DeHanas Real Estate Services at 301-870-1717 or 301-638-3443.

 

Down Payment Assistance Program

by Don DeHanas, Associate Broker

Prince George’s County Maryland has always been a great place to realize your American Dream, and the Prince George’s County Commissions are doing their part to make that dream a reality for more and more Americans. In an effort to combat two issues that the current housing crisis has cause;  Homebuyers not having enough money to qualify for a home, and the abundance of homes that have been foreclosed on that seem to be littering communities all over the County, a down payment assistance program has been developed for the purchase of Bank-owned properties.

The program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.

There is an income requirement:

Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size.  An income chart is provided below.

Effective Date : 4/27/2009
Median Family Income : 103,100.00 USD

   

1-Person

 

2-Persons

3-Persons

4-Persons

5-Persons

6-Persons

7-Persons

8-Persons

   
   

0.07

0.8

0.9

1

1.08

1.16

1.24

1.32

   

Very Very Low Income

30%

$21,650

$24,650

$27,700

$30,800

$33,250

$35,750

$38,200

$40,650

   

Very Low Income

50%

$35,950

$41,100

$46,200

$51,350

$55,450

$59,550

$63,650

$67,800

   

60% Limits

60%

$43,140

$49,320

$55,440

$61,620

$66,450

$71,460

$76,380

$81,360

   

Low Income

62%

$44,800

$51,200

$57,600

$64,000

$69,100

$74,250

$79,350

$84,500

   

80% Limit

80%

$57,700

$66,000

$74,200

$82,500

$89,100

$95,700

$102,300

$108,900

   

120% Limit

120%

$86,250

$98,600

$110,900

$123,250

$133,100

$142,950

$152,800

$162,700

   

Required Cash
50% or Below : 1,000.00 USD
60% -80% : 1,500.00 USD
%80 - %120 : 2,000.00 USD

 

This loan is a deferred payment, 0% interest. It must be your primary residence for at least 10 years, and you do not have to repay the loan if you stay in the home for 10 years or longer.

 

This program will provide down payment and closing cost assistance loans for purchases of vacant foreclosed properties in eligible zip-codes in Prince George’s County. The down payment and closing costs assistance will be higher for purchases in Target Areas or for Workforce Housing.

20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.

Of the 33 zip codes above the following are considered Target Zip Codes:

20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774

 

For more information on qualifying for this program, call DeHanas Real Estate Services at 301-870-1717 or 301-638-3443.

 

First Time Homebuyer Program for Charles County

by Don DeHanas, Associate Broker

Good news for First time home buyers in Charles County, Maryland. Help has arrived in the form of a Settlement Expense Loan Program (DSELP).

The Charles County DSELP program has raised their limits so that more first time buyers are able to qualify..  You can now qualify if you make the following

 Family size              INCOME

1                                56,000

2                                64,000

3                                72,000

4                                80,000

5                                86,375

6                                92,800

 

This program is great for first time home buyers, that need help with there  3.5% FHA down payment. 

 

The Housing Authority administers the Settlement Expense Loan Program (SELP) for Charles County. The Program is sponsored by the Housing Commission of Charles County, with the support of the Charles County Commissioners. This Program provides direct financial assistance up to $6,000 to qualified low-and moderate income, first time home buyers, with settlement expenses associated with a home purchase in Charles County.

 

For more details and to see if you qualify, E-mail or call Leisa Brown with Bank of America Home Mortgage at 240-216-6261.

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The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867

Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.